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Florida among top states for mortgage fraud

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Report Highlights Include: New York, New Jersey and Florida remain the top three states for mortgage application fraud risk, maintaining the same. by median purchase price of single-family homes).

For the past five years Florida has topped the list, with an MFI consistently well-above 100-what would be expected based on its amount of loan originations. Surprisingly, Utah jumps into the top 10.

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2015-04-28  · . the average mortgage debts in six of the nine states were among the top 20. Florida changed state law to. fraud nets more in the state.

Mortgage fraud happens when someone intentionally confuses, lies or omits information when they apply for a mortgage. This can be done by lenders and borrowers alike. In Florida, there is a specific statute that covers mortgage fraud.

Fannie Mae’s top 10 mortgage fraud states based on significant misrepresentations discovered by the loan review process through the end of December 2010 were California, New York, Florida.

The top states for fraud in 2009 were California, Florida, Illinois. States with the highest fraud and foreclosure rates are among the last to put the national mortgage-licensing system in place.

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Meanwhile, a separate analysis from Bankrate has revealed the Top 10 states for mortgage fraud: it found that Florida led the way by a large margin, with eight times the number of expected mortgage fraud investigations, according to the LexisNexis mortgage fraud index. nevada came in second, with just more than 2.5 times the number of expected investigations.

According to CoreLogic, fraud has cost the mortgage industry an estimated $25 billion over the past two years. In recent years, New Jersey has ranked among the top 10 states for mortgage fraud.

Six of the 10 states with the highest rates of fraud have among the top 15 highest median incomes. Eight of the states are in the top 15 for mortgage debt per person, and five are in the top 10 for.

California and Florida remained the highest ranked states based. reported mortgage fraud subjects. Among the 100. Mortgage Loan Fraud SAR Subjects Top 20.